Demand and supply of umbrellas Demand and supply of umbrellasSludy the graph below and answer the questions that tollow:QUESTION 21201008060402034.117.8102.1Name the vertical/y-axis.(2)2.2Name the horizontal / x-axis(2)2.3How many umbrelas are consumers willing to buy at a price of R70?(2)2.4How many umbrellas are the producers willing to supply at R100?(2)2.5What will the impact of a price of R100 be on the producers?(4)(2)2.6Name the intersection point (6:R50).

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Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781305971509

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Consumers, Producers, And The Efficiency Of Markets

Section: Chapter Questions

Problem 7PA

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Demand and supply of umbrellas QUESTION 2 Sludy the graph below and answer the questions that follow: 120 100 80 60 40 20 10 11 7. 8. Name the vertical/y-axis. (2) 2.1 2.2 Name the horizontal /x-axis. (2) 2.3 How many umbrelas are consumers willing to buy at a price of R70? (2)